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3 Jun 2014
USD/JPY stubborn at the gates of 102.50
FXStreet (Guatemala) - USD/JPY remains capped on attempts of the mid-way point of the 102 handle.
From the calendar, for Japan, capital spending there rose better than expected at 7.4% y/y in Q1. Analysts at Rabobank explained that while this raises the chance that Q1 GDP will be revised higher from the already buoyant provisional reading of 1.5% q/q, there is the possibility that the April consumption tax hike caused investment spending to be brought forward. “The market sees a risk that Japanese GDP will contract in the second quarter”. For the US, apart from the US ISM for May that will be released later with Fed speak also scheduled, the main focus for the US this week will remain again with the release of the US non farm payrolls data on Friday. At this moment, the market consensus stands at 215K.
USD/JPY Levels
Current price is 102.38, with resistance ahead at 102.38 (Daily Open), 102.38 (Monthly High), 102.38 (Weekly High), 102.38 (Daily 100 SMA) and 102.47 (Daily High). Next support to the downside can be found at 102.36 (Daily Low), 102.23 (Hourly 20 EMA), 102.21 (Daily Classic PP), 102.14 (Weekly Classic R1) and 101.92 (Daily Classic S1).
From the calendar, for Japan, capital spending there rose better than expected at 7.4% y/y in Q1. Analysts at Rabobank explained that while this raises the chance that Q1 GDP will be revised higher from the already buoyant provisional reading of 1.5% q/q, there is the possibility that the April consumption tax hike caused investment spending to be brought forward. “The market sees a risk that Japanese GDP will contract in the second quarter”. For the US, apart from the US ISM for May that will be released later with Fed speak also scheduled, the main focus for the US this week will remain again with the release of the US non farm payrolls data on Friday. At this moment, the market consensus stands at 215K.
USD/JPY Levels
Current price is 102.38, with resistance ahead at 102.38 (Daily Open), 102.38 (Monthly High), 102.38 (Weekly High), 102.38 (Daily 100 SMA) and 102.47 (Daily High). Next support to the downside can be found at 102.36 (Daily Low), 102.23 (Hourly 20 EMA), 102.21 (Daily Classic PP), 102.14 (Weekly Classic R1) and 101.92 (Daily Classic S1).